Question
What is GST?
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Answer
Goods and Service Tax (GST) is an indirect tax levied at prescribed rate on every supply of goods and services except on petroleum and alcohol for human comsumption. Supply of goods means sale of goods and supply of services means rendering of services. It is a nation-wide tax seeking to unify several indirect taxes and is based on the principle of 'One Nation one Tax'.
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Distinguish between Reserve and Provision on the basis of:
- Appropriation or charge.
- Financial Position.
- Distribution.
What is Trade Discount?
Fill in the missing assuming CGST @ 6% and SGST @ 6%:
Name the various entries which have to be passed through a Journal even though we might have kept all the subsidiary books in the business.
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|
|
Date of the Bills
|
Period
|
|
I.
|
1st February, 2017
|
2 months
|
|
II.
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31st January, 2017
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3 months
|
|
III.
|
30th September, 2017
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2 months
|
|
IV.
|
30th September, 2017
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3 months
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V.
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29th December, 2017
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2 months
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|
VI.
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31st December, 2017
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2 months
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VII.
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15th July, 2017
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30 days
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VIII.
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27th January, 2016
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1 month
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The assets of Standard Sugar Co. were acquired by the Government on 1st April, 2000 and the company received a compensation of ₹ 10 crores. The company did not have any other business as on the date of acquisition and has also not ventured into any other business after acquisition of assets. The company placed the amount so received in a fixed deposit with a bank, which is lying deposited with the bank as on date also. It has also filed a case in the Court seeking higher compensation. Is the company a going concern?
Why is it necessary for accountants to assume that business entity will remain a going concern?
Determine the missing amounts on the basis of the Accounting Equation:
|
S.no
|
Assets
|
=
|
Liabilities
|
+
|
Capital
|
|
(i)
|
₹ 20,000
|
=
|
₹ 15,000
|
+
|
?
|
|
(ii)
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?
|
=
|
₹ 5,000
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+
|
₹ 10,000
|
|
(iii)
|
₹ 10,000
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=
|
?
|
+
|
₹ 8,000
|
Fill in the missing information in the following journal entries: